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USITC affirms material injury to US market by quartz imports The USITC, in its June 24, 2019 press release (link), determined that there is a reasonable indication that the US quartz industry is materially injured/threatened due to imports of quartz surface products from India and Turkey. As part of this investigation, USITC has found that these products are allegedly subsidised and sold in the US market at less than fair value. As a result of the commission's affirmative determinations, the US Department of Commerce will continue with its antidumping and countervailing duty...
Pokarna's revenue growth was led by strong performance in the quartz division that grew 112.9% YoY to | 107.2 crore in Q4FY19. This was on account of a couple of factors: i) better realisation on quartz products due to currency depreciation and a better product mix and ii) shift in demand towards Indian quartz in export markets, especially with the US imposing anti-dumping duty on Chinese quartz, which accounts for ~60% of the US quartz market. Going ahead, Pokarna's quartz portfolio, with 64+ colour palettes with multiple shades & textures of ~350 colours, augurs well for the...
Pokarna posted good Q3FY19 results given the robust performance in its quartz business. The topline grew 36.1% YoY to | 119.6 crore on account of 79.9% YoY growth in Quartz revenues to | 84.3 crore in Q3FY19. The EBITDA margin expanded 209 bps YoY to 36.1% mainly on account of a better product mix in its quartz portfolio and expansion in EBITDA margin of granite business (29.6% in Q3FY19 vs. 27.8% in Q3FY18). Consequently, the bottomline grew 86.8% YoY to | 27.1 crore led by...
Pokarna posted good Q1FY19 results given the low base as its quartz plant remained shut for 45 days in Q1FY18 owing to maintenance. Pokarna's topline grew by 23.4% YoY to | 83.4 crore led by strong performance of quartz business. Quartz revenues grew robustly by 54.7% YoY to | 51.2 crore. EBITDA margin slipped 32 bps YoY to 23.8% as granite margins contracted significantly by 860 bps YoY to 15%. However, PAT grew robustly by 69.5% YoY to | 9.2 crore led by topline...
